I went through the same process as Calacanis and most of my content had been automatically set to Friends Only. Maybe it's Calacanis who's unlucky... or clueless, or et cetera.
Except that one thing included all my status updates, links, and pictures. I switched it off because I'd heard all the hoopla and knew to read carefully.
Calacanis is totally correct. Many (most?) people will just see that it's "only one thing" and assume that Facebook picked sensible defaults. I would have, if I hadn't been warned ahead of time.
I'm staring at the screen in question right now. I hate Facebook and have set it to not let anybody see anything in the past. NOW THE DEFAULTS FOR ALL THE TOP ITEMS ARE SET TO SHARE WITH EVERYONE. ie. Family and Relationships, Work and Education, Posts I Create (includes photos, etc.) and About Me are all set to share with everyone.
I find it disgusting.
Looks like Facebook is either doing A/B testing or intentionally sending conservative settings to a small percentage of users to confuse discussions of this issue.